Carl Icahn makes substantial investment in 'undervalued' Apple
American business magnate Carl Icahn is taking a portion of his vast wealth and bringing it over to a company that he describes as "undervalued."
Without reading the headline, would you have guessed Apple? If so, then you are correct.
Icahn himself confirmed the news via Twitter on Tuesday. Here are two of his latest Tweets on the matter:
We currently have a large position in APPLE. We believe the company to be extremely undervalued. Spoke to Tim Cook today. More to come.
— Carl Icahn (@Carl_C_Icahn) August 13, 2013
Had a nice conversation with Tim Cook today. Discussed my opinion that a larger buyback should be done now. We plan to speak again shortly.
— Carl Icahn (@Carl_C_Icahn) August 13, 2013
As news broke just before the bell this afternoon about the rather surprise investment, Apple shares were up by approximately four percent to roughly $486.45 a pop.
However, the exact amount of Icahn's investment or his new share in Apple has yet to be revealed.
Given the lack of actual new products out on the market right now, it's turning out to be a busy week for the Cupertino, Calif.-based corporation.
Rumors swirl all the time about the iOS portfolio, but there has been more buzz around a possible new iPhone reveal on September 10 followed by a new set of iPads just in time for the holiday season.
Icahn is a bit busy at the moment as well given his involvement in Dell's current self-identity crisis.
Most recently, the financier upped the ante as well as his stake in the company by picking up four million more Dell shares.
Icahn paid $12.94 per share, bringing his grand total number of Dell shares to 156,478,650.
The Wall Street Journal highlighted that he now owns 8.9 percent of the Texas-based company, making him the second largest shareholder behind founder and CEO Michael Dell.
Icahn and the PC maker's leader have been at odds for months now with Michael Dell and Silver Lake Partners on one side of the fence trying to take the company private.
On the flip side is Icahn along with Southeastern Asset Management, which together have been doing everything possible to block that plan.